Financial Position
Cash and cash equivalents 3,024 17,433 1,002
Gold bullion inventory at market value(3) 4,922 1,231 2,834
Total assets 903,489 852,574 887,482
Long term debt 204,055 159,713 200,921
Q1 2015
Total assets $903,489 mil.
Long term debt $204,055 mil.
" (v) Corporate Development
In February 2015, the Company signed definitive agreements for two gold forward sale transactions relating to the Twangiza mine and a gold streaming transaction relating to the Namoya mine, providing total gross proceeds to the Company of $90 million. Each of the two forward sale transactions provide for the prepayment by the purchaser of $20 million for its purchase of 22,248 ounces of gold from the Twangiza mine, with the gold deliverable over three years, at 618 ounces per month. The first $20 million forward sale closed on February 27, 2015. The forward sales may be terminated at any time upon payment to the purchaser of a one-time termination amount that would result in the purchaser receiving an internal rate of return of 20%. The terms of the forward sales also include a gold floor price mechanism whereby, if the gold price falls below $1,100 per ounce in any month, additional ounces are deliverable to ensure a realized gold price of $1,100 per ounce for that month. The streaming transaction provides for the payment by the purchaser of a deposit in the amount of $50 million and the delivery to the purchaser over time of 8.33% of the life-of-mine gold production from the Namoya mine (or any other projects located within 20 kilometres from the current Namoya gold mine). The ongoing payments to Namoya upon delivery of the gold are $150 per ounce.
(vi) Subsequent Events
On April 30, 2015, the Company closed the second $20 million forward sale and the $50 million gold streaming transactions, as described above. In connection with the closing of these financing transactions, the Company extinguished all of the outstanding backstop facility notes issued in the third and fourth quarter of 2014."
Q2 2015
Total assets $903,489 mil.+ $70 mil.= $973,489 million
Long term debt $204,055 mil - $70 mil.= $134,055 million
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clear book value per BAA Share : $973,489 million - $134,055 million = $839,434 million /OS 252,100,672 = $3,32976 PPS
